WSJournal. Stocks Hit 2-Month High After Dow Triple-Double
http://online.wsj.com/article/SB10001424127887324407504578186894235196564.html
The Dow finished at its highest level in two months Tuesday, with energy and technology shares leading as all sectors notched gains.
The Dow Jones Industrial Average rose 116.57 points, or 0.9%, to 13350.96, its highest level since Oct. 18. Tuesday's jump led the blue chips to book back-to-back triple-digit point gains for the first time since July 26-27.
The Dow sailed toward its highest level in two months as investors voice optimism about U.S. debt talks. Jonathan Cheng has details on The News Hub. Reuters.
The Standard & Poor's 500-stock index advanced 16.43 points, or 1.1%, to 1446.79, and the Nasdaq Composite Index added 43.93 points, or 1.5%, to 3054.53, to put both indexes at their highest levels since Oct. 18.
Technology and energy stocks led the S&P 500's sectors higher. Financial-sector stocks also logged strong gains. Bank of America BAC +3.17% climbed 36 cents, or 3.3%, to $11.36, a 19-month high, after an upgrade to "buy" from bank analyst Meredith Whitney late Monday.
Apple AAPL +2.82% rose $15.07, or 2.9%, to $533.90 after Samsung Electronics 005930.SE +0.80% said it would drop its requests for legal injunctions against the tech giant in five European countries, a reversal in a long-running patents feud between the two companies.
Meanwhile, investors said talks to address the so-called fiscal cliff—the tax increases and spending cuts set to go into effect next year—again held the spotlight.
President Barack Obama reportedly brought a new offer that showed willingness to compromise on the annual income level for households that would face higher tax rates.
House Speaker John Boehner said Tuesday morning that he would advance backup legislation that would extend current income-tax rates for all people earning $1 million or less a year.
"It looks like a real negotiation," said Jim Paulsen, chief investment officer at Wells Capital Management.
European markets built momentum after Sweden's central bank cut its main interest rate. The Stoxx Europe 600 rose 0.5% to snap a three-session losing streak.
Asian markets rallied. Japan's Nikkei Stock Average gained 1% to finish at an 8½-month high.
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Associated Press
Traders at the New York Stock Exchange on Friday.
Front-month crude-oil futures finished 0.8% higher at $87.93 a barrel, while December gold futures settled down 1.6% at $1,669.50 a troy ounce. The dollar slipped against the euro but rose against the yen. Yields on benchmark 10-year Treasury bonds rose to 1.827% as demand fell.
Greenbrier jumped $1.40, or 7.4%, to $20.37 after activist investor Carl Icahn proposed to combine the railcar maker with rival American Railcar Industries ARII +6.64% in a deal valuing Greenbrier at about $543 million. American Railcar added $2.14, or 6.6%, to finish at $34.36.
Arbitron ARB +23.63% surged $8.99, or 24%, to $47.03, its highest level since September 2008, after the radio-ratings company agreed to be acquired by Dutch TV ratings information company Nielsen Holdings NLSN +4.39% in a deal valued at roughly $1.3 billion.
Jefferies Group JEF +3.07% gained 56 cents, or 3.1%, to $18.80 after the investment bank's quarterly earnings jumped 48% from the year earlier, a period clouded by questions about the firm's exposure to European debt in the wake of MF Global's MFGLQ +20.41% bankruptcy.
Gun makers slid as pressure built to toughen the nation's weapons laws. Smith & Wesson Holding SWHC -11.10% finished 86 cents, or 10% lower, at $7.79, while Sturm Ruger RGR -7.73% fell $3.40, or 7.7%, to a nearly six-month low of $40.60.
